AIG makes $1.8 billion sale

AIG | November 26, 2019

T&D Holdings has partnered with a newly created fund by The Carlyle Group to acquire a 76.6% ownership interest in Fortitude Group Holdings for about $1.8 billion from AIG. Fortitude Group Holdings’ group companies operate as Fortitude Re. A release said that after the transaction closes sometime in mid-2020 (subject to required regulatory approvals and other customary closing conditions), ownership interests in Fortitude Re will include Carlyle and its fund investors at 71.5%, T&D at 25%, and AIG at 3.5%. AIG will receive a $500 million non-pro-rata distribution, which, if not fulfilled by May 13, 2020 or transaction close, will result in an additional payment from both the Carlyle fund and T&D based on their respective ownership interest in Fortitude Re. Carlyle had previously acquired a 19.9% stake in Fortitude Re in November 2018.

Spotlight

Information and Communication Technologies (ICTs) can play a key role in facilitating all the objectives of the NDP and this White Paper sets out how Government will realise this potential. It is premised on furthering the Constitutional objective of improving “the quality of life of all citizens” and freeing “the potential of each person”.

Spotlight

Information and Communication Technologies (ICTs) can play a key role in facilitating all the objectives of the NDP and this White Paper sets out how Government will realise this potential. It is premised on furthering the Constitutional objective of improving “the quality of life of all citizens” and freeing “the potential of each person”.

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RISK MANAGEMENT

PCMI Announces Equity Investment from Equality Asset Management to Accelerate Growth

PCMI Corporation, Equality Asset Management | January 21, 2021

PCMI (Policy Claims Management International), a main supplier of administration software for the automotive, consumer and industrial warranty and service management markets reported its first equity investment from Boston-based growth equity firm, Equality Asset Management, and Chicago-based, First Analysis. Financial terms were not revealed. PCMI offers a cutting edge set-up of software answers for policy administration, claims management, risk management and the financial management of insurance products. PCMI's clients incorporate driving unique hardware makers, outsider heads, self-overseers and guarantors who offer and oversee warranties, service contracts and other account and insurance products. Since beginning, PCMI's software has been utilized to direct in excess of 50 million strategies and cycle in excess of 23 million claims. "In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry," said Mark Nagelvoort, President & CEO of PCMI. "Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I'm thrilled we have them as a trusted partner as we enter this exciting new phase of our journey." "Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success," said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. "The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We're excited to work alongside this experienced team and to support PCMI's expansion." "PCMI is the demonstrated category leader, consistently delivering essential, high value solutions to customers. As consumer demands evolve, the need for flexible software will continue to increase across the F&I value chain," added Oscar Loynaz, Vice President at Equality. With this investment, PCMI will proceed with its emphasis on item extension and client acquisition in North America and internationally. About PCMI Corporation PCMI offers a modular package of software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. PCMI's SaaS platform, Policy Claim and Reporting Solutions™ (PCRS), supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, OEM's, agents, and dealers to launch new products. Our global team enables continuous around-the-clock innovation and customer-focused support. About Equality Asset Management Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled healthcare sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston. First Analysis went about as the elite financial advisor to PCMI for the exchange. Winston and Strawn LLP went about as legal advisor to PCMI. Goodwin Procter LLP went about as legal advisor to Equality Asset Management.

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CLAIMS

LexisNexis Risk Solutions Launches Innovative Insurance Customer Data Management Solution

LexisNexis Risk Solutions | February 03, 2022

LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID® for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market's biggest impediments. "Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household's insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers," Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. "Insurers understand that the quantity of data they're managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment." A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer. Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers. "While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential, The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business's continued success." -Mark Breading, partner, Strategy Meets Action. Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information. About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers.

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LIFE INSURANCE

Collaboration of Policygenius and Impact Announced to Ease and Direct Term Life Insurance for Impact Advisors and Clients

Policygenius | June 27, 2022

Impact Partnership intends to use Policygenius Pro to enable its member firms to significantly reduce the time spent placing term life insurance while increasing overall profitability. Policygenius and Impact Partnership are collaborating to bring the term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners. Policygenius Pro is a turnkey partnership platform that assists advisors in accelerating and streamlining life insurance sales. Advisors and agents can use this tool to refer their clients to Policygenius, who will walk them through the entire process, from policy selection to coverage implementation. The change allows Impact's extensive partner network, including over 200 constituent firms and 2,000 advisors, to save significant time and energy while still providing a superior client experience. The time savings enables Impact to reduce its current costs of placing term life insurance while also capturing additional opportunity that advisors may have missed due to the time-consuming process of assisting clients in obtaining term life insurance. The partnership is one of many innovation partnerships. Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO). We're thrilled to be able to offer Policygenius Pro to Impact partners, Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point." Clay Eschrich, Impact SVP of Life and Distribution. This gives Impact advisors who use Policygenius Pro access to a wide range of insurers, coverage types, and policy options, including accelerated underwriting offerings that are only available on the Policygenius platform. Case management, underwriting, and product support are also provided by an expert staff of 200+ dedicated specialists.

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